New Business Formation
Thinking of owning your own business?
Opening your own business is exciting and thrilling. It’s everything that comes after the excitement and thrill have worn off that dictates whether a small business will make it or not. It’s up to you to maintain and stretch out the “thrill and excitement” period forever.
A methodical plan of action is needed to fulfill your dream or goal of being your own boss and running a successful business. Success lies in the approach you choose to take. We help you avoid the common pitfalls that many new small business owners make when starting their new venture.
We help you…
1. Prepare an initial business plan to clarify your marketing, management, and
2. Determine your start-up capital needs.
3. Identify sources of start-up capital and backup sources if needed.
4. Evaluate and quantify your borrowing power, so you know how much money you
can get your hands on if needed.
5. Select a business structure that best fits your needs by evaluating tax
advantages, legal exposure, ease of operation and portability should you
need to relocate.
6. Select the right accounting software by evaluating your budget, needs and
7. Prepare a Cash Flow Budget, so you know exactly how much money you need to
keep the business alive each month for the first few years. Unplanned cash
requirements are always emotionally painful.
8. Establish billing and collection procedures to maximize your cash flow.
9. Establish procedures to monitor and control costs.
10. Setup a home office so you can maximize your tax deductions.
11. Prepare and file all required state and local licenses and permits.
12. Prepare and file your application for your Federal Employer Identification
13. Provide payroll and payroll tax-filing when you bring on your first
14. Comply with employment laws, so you don’t get hit with fines and unhappy
15. Identify your business insurance needs.
16. Develop a solid Partnership Agreement. This is an extremely important
document for all new partnerships and will help prevent a tremendous amount
of financial and emotional problems down the road.